Britain’s Octopus Energy to spin out Kraken at $8.65 billion valuation

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Britain’s Octopus Energy said on Monday it will spin off its technology arm, Kraken, as an independent company valued at $8.65 billion, following a funding round led by U.S. investment firm D1 Capital Partners.

Under the deal, new and existing investors will purchase about $1 billion of equity in Kraken. Investors led by Octopus Capital will also inject an additional $320 million into Octopus Energy. Participants in the funding round include Ontario Teachers’ Pension Plan, Fidelity International and Durable Capital Partners.

The transaction clears the way for Kraken’s formal demerger from Octopus Energy, which will retain a 13.7% stake in the newly independent company. The Financial Times reported that the separation could pave the way for a Kraken initial public offering within two years, potentially followed by an eventual listing of the privately held Octopus Energy. Reuters could not independently verify the report, and both companies declined to comment on potential listing plans.

Kraken provides AI-powered energy operating software to major utilities worldwide, including EDF, National Grid US and Tokyo Gas. The platform is contracted to serve more than 70 million customer accounts globally and reported contracted annual revenue exceeding $500 million as of September.

In a separate statement, Origin Energy said it will invest about $140 million in Kraken’s fundraising and retain a 22.7% stake in the platform after the transaction. Origin also agreed to waive exclusivity for Kraken’s services in Australia in exchange for an additional 1.5% equity interest.

Meta to buy Chinese-founded startup Manus to boost advanced AI

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Meta said on Monday it will acquire Chinese-founded artificial intelligence startup Manus, stepping up efforts to integrate more advanced AI capabilities across its platforms. Financial terms were not disclosed, but a source with direct knowledge of the matter said the deal values the Singapore-based firm at between $2 billion and $3 billion.

Manus did not immediately respond to a request for comment. The startup drew widespread attention earlier this year after releasing what it described as the world’s first general AI agent—software designed to make decisions and execute tasks autonomously with far less prompting than conventional chatbots such as ChatGPT or DeepSeek. The launch sparked viral discussion on X and led some commentators to label Manus “China’s next DeepSeek,” with praise from Chinese state television.

Months later, Manus moved its headquarters from China to Singapore, joining a broader wave of Chinese-founded tech firms seeking to reduce exposure to rising U.S.-China tensions. The company’s products are not available in China. Manus has claimed its AI agent outperforms OpenAI’s DeepResearch and maintains a strategic partnership with Alibaba to collaborate on AI models.

Meta said it will operate and commercialize the Manus service and integrate it into both consumer and business offerings, including Meta AI. The acquisition reflects intensifying competition among large technology companies racing to secure differentiated AI capabilities through deals and talent hires.

Earlier this year, Meta invested in Scale AI in a transaction valuing the startup at $29 billion and bringing in its CEO, Alexandr Wang. Manus, backed by parent company Beijing Butterfly Effect Technology, raised $75 million this year at a valuation of about $500 million, according to the source, confirming prior media reports. The funding round was led by Benchmark, with investors including HSG, ZhenFund and Tencent Holdings, PitchBook data showed.

US approves Samsung, SK Hynix chipmaking tool shipments to China for 2026, sources say

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The U.S. government has approved annual licences allowing Samsung Electronics and SK Hynix to ship chipmaking equipment to their factories in China in 2026, according to two people familiar with the matter. The move offers temporary relief to the South Korean firms amid tightening U.S. export controls.

One source said Washington has introduced an annual approval system for exports of semiconductor manufacturing tools to China. The decision follows a U.S. move earlier this year to revoke licence waivers that had allowed certain technology companies to continue shipments with fewer restrictions.

Previously, Samsung, SK Hynix and TSMC benefited from exemptions under Washington’s broad chip export restrictions targeting China. That special status, known as validated end user (VEU), is set to expire on December 31. After that date, shipments of U.S.-origin chipmaking equipment to their Chinese facilities will require individual export licences.

Samsung and SK Hynix declined to comment, while TSMC did not immediately respond to requests for comment. The U.S. Department of Commerce was not available for comment outside business hours.

The policy shift reflects Washington’s broader effort to curb China’s access to advanced American technology. The administration of U.S. President Donald Trump has been reassessing export controls it considers overly permissive under the previous Biden administration, according to people familiar with the matter.

China remains a critical manufacturing base for Samsung and SK Hynix, particularly for legacy memory chips. Demand for such chips has surged amid rapid expansion of AI data centres and tighter global supply, underscoring why continued access to chipmaking tools for their Chinese plants remains strategically important for the South Korean companies.